NNPC Signs MoU with Chinese Firms to Revive Refineries

The Nigerian National Petroleum Company Limited (NNPC) signed a Memorandum of Understanding (MoU) with two Chinese firms, Sanjiang Chemical Company Limited and Xingcheng Fuzhou Industrial Park Operation Management Co. Ltd., to potentially revive the Warri and Port Harcourt refineries.

Group Chief Executive Officer (GCEO) of NNPC, Bayo Ojulari, described the MoU as a significant milestone after six months of engagement with the technical management teams of the Chinese partners. The agreement aims to identify potential technical equity partners for the restart and expansion of NNPC's refining capacity, focusing on co-locating petrochemical and gas-based industrial hubs.

NNPC's financial performance showed an increase in revenue to ₦2.77 trillion in March 2023, up from ₦2.68 trillion in February, with a profit rise to ₦276 billion from ₦136 billion in the same period. The MoU reflects a shared intent to develop long-term sustainable profitability for NNPC's refining assets in Nigeria.